End-Unit Office with Private
For Sale
$400,000
196 E MAIN STREET, Westminster, MD 21157
End-unit office property with private rear parking and central A/C, featuring multiple private offices and two entrances.
Property Size4,632 SF
Price / SF$86.36
Days on Market56
Property Features for 196 E MAIN STREET
General Information
Standard status
Active
Size
4,632 SF
Total Parking Spaces
10
Property subtype
Commercial
Additional Details
Office Units
5
Building Details
Year Built
1890
Listing Agency:
Corner House Realty
(443) 499-3839
Listed By:
Joseph C. McDonnell · License #647771
(240) 818-2249
Source:
Cummingsrealtors
Added: Jul 15
Changed: Sep 8
Last Checked: Sep 8 at 8:45AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Corner House Realty
Investment Insights
Based on property information with market context.
This end-unit rowhome offers a versatile office layout with 4–5 private offices/bedrooms, including one on the main level, plus two bathrooms. The building has two entrances, including one that is handicap accessible with designated handicap parking. Interior character is highlighted by exposed brick accent walls and a permanent stone foundation, while modern comforts include central A/C and natural gas heat.
The property includes a private paved parking lot with 10 spaces and additional dry attic and basement storage for files, supplies, or equipment. It is located in downtown Westminster, within walking distance to nearby restaurants, shops, and local businesses.
Recent updates include a new HVAC system in 2023, newer windows from 2017, and a water heater from 2017.
The property includes a private paved parking lot with 10 spaces and additional dry attic and basement storage for files, supplies, or equipment. It is located in downtown Westminster, within walking distance to nearby restaurants, shops, and local businesses.
Recent updates include a new HVAC system in 2023, newer windows from 2017, and a water heater from 2017.
Key Highlights
- End‑unit downtown Westminster rowhome/office with private rear 10‑spot paved parking lot
- Flexible layout with 4/5 private offices or bedrooms and 2 bathrooms, including 1 office/bedroom on the main level
- Two entrances, including a handicap‑accessible entrance with designated handicap parking
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$32,475
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
8.12%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$649,500
$649.5K
Cap Rate 7%
$463,929
$463.9K
Cap Rate 9%
$360,833
$360.8K
Market Conditions
NOI Build-Up for 4,632 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$52.8K $11.40/SF
− Vacancy
−$9.5K −$2.05/SF
EGI
$43.3K $9.35/SF
− OpEx
−$10.8K −$2.34/SF
NOI
$32.5K $7.01/SF
Area
Carroll County, MD
Vacancy
18.00%
Lease Rate
$11.40 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$649,500
Cap Rate 7%
$463,929
Cap Rate 9%
$360,833
Alternative Uses
Best Use
Office B
$463.9K
$405.9K – $541.3K
NOI $32,475 @ 7.0% cap · market cap 8.12%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.72M
$1.50M – $2.00M
NOI $120,245 @ 7.0% cap · market cap 30.06%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
5
Office units
Location Intelligence
Trade Area within ½ mile
1,629
Businesses Nearby
Explore this area
Business Placement
Demographics for 21157, MD
38,584
Population
15,466
Households
2.5
Avg Household Size
42
Median Age
37%
College-Educated
93%
High-School Grad
77.7 sq mi
ZIP Area
497
Density / Sq Mi
$102,835
Median Household Income
$50,254
Median Earnings
$1,236
Median Rent
$394,100
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office units - End-unit office property with private rear parking and central A/C, featuring multiple private offices and two entrances.
Where is this office units located?
The property is located at 196 E MAIN STREET Westminster, MD.
What is the asking price?
The asking price for this property is $400,000.
What are key features of this property?
This property features: End‑unit downtown Westminster rowhome/office with private rear 10‑spot paved parking lot; Flexible layout with 4/5 private offices or bedrooms and 2 bathrooms, including 1 office/bedroom on the main level; Two entrances, including a handicap‑accessible entrance with designated handicap parking
